Metso acquires Mitsubishi papermaking technology; now sole owner of Beloit's intellectual property

HELSINKI, May 27, 2008 (Market Wire) - Metso Paper has closed the deal with Mitsubishi Heavy Industries (MHI) over the acquisition of MHI's paper machinery technology. The transaction enhances Metso Paper's technological leadership as well as services especially in Asia and Japan, where Metso Paper has opened a new office in Onomichi. More staff has been recruited in Japan to further complement Metso Paper's extensive network of close to 50 service locations around the world in over 20 countries.

"This acquisition strengthens our capabilities in Asia", says Jari Siitonen, Vice President, Sales, Asia Pacific, at Metso Paper. "We look forward to cooperate with mills operating MHI equipment and will ensure continuous technical support for them through our global network of spare part, logistics, and specialist service network."

Back in 2000, both Metso Paper and MHI purchased rights to the intellectual property of Beloit Corporation's paper machinery technology. Through the new acquisition Metso Paper is now the sole owner of Beloit's paper machinery intellectual property.

Metso is a global engineering and technology corporation with 2007 net sales of over EUR 6 billion. Its almost 27,000 employees in approximately 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries.